A recent court ruling in Montenegro has raised the possibility of Terraform Labs founder and CEO Do Kwon being released on bail once again.
The decision comes after an earlier release on bail in May for Kwon and Terra’s former CFO Han Chang-joon. This article explores the details of the ruling and its potential implications for Do Kwon.
- Second Bail Request Granted: The Podgorica District Court in Montenegro approved a second bail request for Do Kwon and Han Chang-joon, allowing them the opportunity for release from custody.
- Impact on Terra Classic (LUNC) Prices: The announcement of the court’s decision coincided with a rise in Terra Classic prices, suggesting a positive market response.
- Pending Charges and Deportation Requests: Kwon and Han face charges related to alleged attempts to leave Montenegro using forged travel documents. They are also wanted in South Korea on fraud charges, with additional pressure from US and Singapore authorities for deportation.
- Dentons Law Firm Representation: Do Kwon has enlisted the services of Dentons, one of the world’s largest law firms, to support his legal defense.
- Bail Conditions and Prosecutors’ Appeal: Kwon and Han must pay $436,000 each as bail. Montenegrin prosecutors have three days to appeal the bail terms, and the High Court’s verdict will determine whether the duo will be released from custody.
- Verification of Travel Documents: The court has requested more time to verify the authenticity of Costa Rica passports and other travel documents found in possession of Kwon and Han during their arrest.
- Flight Risk Concerns: Prosecutors argue that the bail amount is insufficient and claim that the defendants still pose a significant flight risk.
- Future Court Hearings: Kwon and Han are scheduled to appear in court again on June 16 for another hearing, where further details regarding their financial holdings may be disclosed.